NURPC releases framework to address problems with oil theft, unauthorised cash flows
To address the problems with oil theft and unauthorised cash flows in the nation, the Nigerian Upstream Petroleum Regulatory Commission established a regulatory framework.
The commission also pointed out that the new initiative, known as the Nigerian Upstream Petroleum Measurement Regulations, 2023 in accordance with the PIA, is a fresh one that will bring about a paradigm shift in the nation’s method of generating money from oil.
Speaking at a two-day national anti-corruption conference in Abuja held by HEDA Resource Centre and the Centre for Fiscal Transparency and Integrity Watch, the NUPRC’s chief commission officer, Gbenga Komolafe, revealed this.
Nigeria and the Fight Against Corruption: Reviewing the Buhari Regime and Setting the Agenda for the Tinubu Administration was the conference’s theme.
He claimed that the approach will also deal with the problem of overloading and dispensing oil at the source, which usually leads to profiting from the illegal activity.
He emphasised that improper hydrocarbon accounting procedures had been in place since Nigeria’s oil discovery in 1956 and assured that the commission was prepared to put an end to unethical behaviour in the industry.
“The goal is to halt the flow of illicit funds at their source. When that occurs, it will make the EFCC’s and ICPC’s jobs very simple, he said.
With this change, he observed, operators no longer had to coordinate crude oil figures with NUPRC personnel.
